David Protein Parent Lands $250M to Build a Better-for-You Food Empire

The raise comes as Medici Brands, the recently unveiled umbrella entity for David, expands beyond its breakout protein products with candy and another consumer brand set to launch later this year

The company behind David Protein has raised $250 million as founder Peter Rahal looks to turn one of the fastest-growing names in protein into something much bigger.

Medici Brands, the recently unveiled parent company of David Protein and newly launched candy brand HallPass, announced a $250 million Series B round co-led by existing investors Greenoaks and Valor Equity Partners, with participation from Rahal, Iconiq and Imaginary Ventures.

The financing comes just over a year after David raised a $75 million Series A, also backed by Greenoaks and Valor.

Since launching direct-to-consumer in September 2024 with a single protein bar, David has expanded into frozen desserts and ready-to-drink shakes and landed on shelves at more than 35,000 retail locations, including Walmart, Target and Costco.

The brand is now on pace to surpass $300 million in revenue in 2026, according to Medici.

That represents a rapid ascent for David, which Rahal launched after previously co-founding RXBar and selling the protein-bar company to Kellogg for $600 million in 2017.

The new funding round suggests David is looking to make a broader play across food and nutrition.

Medici launched HallPass nationwide at Walmart in August, offering products including peanut cups, crispy wafers and candy pieces designed to mimic traditional confectionery with fewer calories and less sugar.

A third consumer brand, Rowdy, is scheduled to launch later this year.

The company says it will use its new funding to grow HallPass’ retail footprint and product lineup, push David into additional formats and categories, invest in product development and build the infrastructure needed to launch more brands.

“We are not interested in telling people to stop eating the foods they love,” Rahal said. “We want to improve public health by making those foods smarter: lower calories, less sugar, no compromise on taste or experience.”

The strategy marks an evolution of the thesis Rahal laid out to Athletech News shortly after David launched.

At the time, Rahal said David existed to fill what he saw as a surprisingly large white space in the crowded protein-bar category: consumers wanted the high-protein, low-calorie macros of a whey shake without having to drink one.

“People want as much protein and as little other stuff as possible, and they want it to taste really good,” Rahal told ATN last year.

David’s flagship bars advertise 28 grams of protein, zero grams of sugar and 150 calories, giving them a protein-to-calorie ratio well above that of many traditional bars.

Medici is now attempting to take a similar product-development philosophy into other corners of the grocery store.

Greenoaks partner Neil Shah described Medici as a potential “technology-enabled platform in food,” arguing that David was never intended to represent the full scope of the company’s ambitions.

Medici also owns Epogee, the food-tech company behind EPG, a plant-based fat substitute used in David products to recreate the taste and texture of traditional fats with fewer calories. David acquired Epogee alongside its Series A raise last year, giving the company control over one of the key ingredients underpinning its macro-focused products.

A Meteoric Rise Comes With Scrutiny

David’s growth has arrived alongside questions about the nutritional claims that helped propel the brand.

A proposed class-action lawsuit filed earlier this year alleged that David protein bars contain significantly more calories and fat than their labels state, citing third-party laboratory testing that put the bars at between 268 and 275 calories.

David strongly disputed those claims in a statement made to ATN. 

David even leaned into the controversy in a recent social media campaign parodying “Mean Girls,” ending the video with a straightforward rebuttal: “Not all rumors are true. David is 150 calories.”